\u00a0<\/strong>The new rules now require casinos to report all transactions exceeding five million pesos (around $99,000) to the central bank’s Anti-Money Laundering Council.<\/p>\nThe council will have powers to obtain injunctions freezing these funds for up to six months if it is suspected they are “in any way related to an unlawful activity.”<\/p>\n
“We should move to be more transparent by amending the law to protect our casinos from money laundering by crime syndicates,” said Josephine Sato, one of the new bill\u2019s authors.<\/p>\n
The approval of the measure was an uphill struggle due to fierce lobbying opposition from the gaming industry. Lawmakers wanted to introduce reporting requirements on transactions over $10,000, in line with AML laws in the US and elsewhere.<\/p>\n
The $99,000 could be seen as a more casino-industry-friendly compromise.<\/p>\n","protected":false},"excerpt":{"rendered":"
Philippine President Rodrigo Duterte this week enacted legislation that will impose new anti-money-laundering directives (AML) on a previously very relaxed area of the regulated casino sector. The country was left red-faced by the federal reserve cyber-heist, which focused the world\u2019s attention on its devil-may-care attitude to international AML protocols. On February 5, hackers flooded the […]<\/p>\n","protected":false},"author":42,"featured_media":54862,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,60,13],"tags":[],"acf":[],"yoast_head":"\n
Philippines Introduces AML Controls for Casinos in Response to Fed Bank Heist<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n